One of the most important daily necessities in the market, sugar, has fallen below 100 taka per kg after three years. Traders say that this is due to the relaxation of import conditions and the fall in prices in the world market. If the current trend continues, the price may fall further.
In the country, sugar prices usually start increasing three months before the holy month of Ramadan. As the holy month of Ramadan approaches every year, the instability in the sugar market increases. Accordingly, there is a slight exception in the market this time.
There are a little more than three months left for Ramadan. Recently, the price of sugar has been continuously decreasing. The latest price has decreased by 10 taka per kg in the last one week. Through this, the price of the product has fallen below 100 taka after three long years. Now, loose white sugar is available in the market for 95 taka per kg. Packet sugar is available for a minimum of 100 taka per kg.
Sugar prices in the country started rising when the import and export were disrupted in 2020 due to the Corona pandemic. Then, the market was high for various reasons, including the dollar crisis and the impact of the Russia-Ukraine war. In mid-October 2022, a kg of sugar crossed 100 taka. Despite the government’s various efforts, the price horse has not been brought under control. The price reached its highest level of 145 taka per kg in November-December 2023. It was sold at this price for a long time. Since then, it has fluctuated between 125-135 taka. The price has been decreasing continuously since July this year.
According to Trading Corporation of Bangladesh (TCB) data, the price of sugar at this time last year was 135 taka per kg. Traders say that now import and export are normal, the dollar crisis has been resolved. There is no obligation of 100% margin to open LC (letter of credit) for imports. In addition, the price of sugar in the world market has decreased by about 15 percent in the last one year.
On Thursday, loose sugar was sold at retail at 95 to 100 taka per kg in various markets including Hatirpool, Segunbagicha, Malibag, Mugdapara in the capital. A week ago, it was 100-105 taka per kg. Packet sugar is being sold at 100-110 taka per kg.
Owner of Amir General Store in Hatirpool Bazar, Md. Amir said, “In the next few days, we will be able to sell packaged sugar at 100 taka per kg. And the open price will be at 90 taka. Because the wholesale market and company rates have decreased. Today, the companies have given me sugar at a 10 taka lower price than before. However, those who still have the sugar they bought before are selling it at the previous price.”
The price of coarse-grained pulses has decreased along with sugar. It is being sold at 90-100 taka per kg, down by 5 taka. Last week, it was 95-105 taka per kg. However, the price of small-grained imported pulses is still slightly higher at 155-160 taka per kg.
The price of domestic onions has not decreased yet. Yesterday, they were sold at 120-125 taka per kg in the capital’s markets. They were sold at this price last week. A few days ago, Trade Advisor Sheikh Bashiruddin also announced that imports would be allowed if the prices do not decrease quickly. But that has no impact on the market.
Yesterday, onions were sold at wholesale at Karwan Bazar in the capital at 108-110 taka per kg.
When asked, Syed Paran, a wholesaler at Karwan Bazar, said, “Onion prices are a bit higher at this time of the year. Because farmers have less onions at their homes at this time. Those who have stocks take advantage of this opportunity. Now, when the supply of onions is good, it may decrease by two or three taka. And when the supply is low, it increases a bit.”
In this situation, the government decided to allow onion imports out of some compulsion, said Mahbubur Rahman, secretary of the Ministry of Commerce yesterday. He said, “We had said to wait this week. The week has ended, but the prices have not decreased. That is why the decision to import has been taken. Import permission cannot be granted except on working days. That is why we will allow imports from Sunday.”
The Ministry of Commerce says that despite various efforts by the government, the price of onions in the market could not be reduced. A class of traders is behind this. It is known that a lot of onions have been stored on the Indian border across the land ports. The country’s traders are waiting to import them.
However, even if onion import is allowed, it will be given in a limited scope so that farmers do not suffer after the seasonal onion harvest.
Although the harvest of winter vegetables has started early, the vegetable market is also high this week. The prices of almost all types of vegetables are 10-20 taka higher per kg compared to last week. The prices of some vegetables have increased by 30 taka per kg. Yesterday, tomatoes were sold at retail at 140 taka per kg, which was 120 taka per kg until last week. The prices of brinjal and bitter gourd have risen again to 100 taka, which was 60-80 taka. The price of beans has increased and is being sold at 90-100 taka per kg, whereas the price was 60-80 taka per kg until last week. The price of green chillies has also increased slightly to 190 taka. Some vegetables including radish, radish, cucumber are being sold at 60 taka per kg.
